TRON (TRX) price action has attracted interest in the crypto market with analyst Javon Marks’ analysis highlighting a strong upward trend in its price. Marks highlighted a major breakout from a long-term pattern, suggesting TRX may be on a path to higher price targets.
At press time, TRON is trading at $0.2608, reflecting a 3.90% increase over the last day and a 9.21% rise in the past week, according to CoinGecko. This price action continues to align with the projected momentum following the breakout.
What you'll learn 👉
Logarithmic Falling Wedge Breakout and Initial Rally
Marks’ analysis points to a falling wedge pattern that spanned several years. This technical formation, marked by converging trendlines, typically signals a potential reversal of downtrends. TRON’s price broke out from the pattern, confirming a shift toward a bullish trajectory.
Following this breakout, TRX recorded a 300% rally. This movement corresponds to the measured height of the widest section of the wedge, which historically serves as a reliable indicator of potential gains. The breakout has also established a foundation for long-term bullish momentum.
Next Price Target of $1.11 Supported by Fibonacci Extensions
Marks projects a target price of $1.11 for TRX, representing an additional 444% increase from current levels. This target is derived from the 1.618 Fibonacci Extension level, a key tool in technical analysis for identifying future price movements.
The path to $1.11 depends on TRX maintaining its current support levels around $0.25–$0.30, which previously acted as resistance.
Should prices fail to hold at this level, TRX may retest lower boundaries of the wedge. Conversely, breaking above immediate resistance at $0.45–$0.52 could validate the continued bullish trend.
Read also: Expert Maps Stellar (XLM) Price Path to $1, But There’s a Catch
Long-Term Bullish Indicators Reinforce Momentum
TRX’s price movements also suggest a bullish continuation pattern, characterized by a series of higher highs and higher lows. This trend has been bolstered by the logarithmic growth observed post-breakout.
Marks emphasized the alignment of Fibonacci projections with the $1.11 target, strengthening the case for TRON’s upward trajectory. With resistance levels clearly defined and historical patterns backing the analysis, the price outlook remains optimistic.
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